Fidelity Bank posts Ghs 248 million in profit for Q3 2021
Fidelity Bank for the period ended Q3 2021, recorded a net profit of Ghs 248 million.
Compared to the same period last year – Q3 2020 – the bank recorded a net profit of Ghs 200 million indicating a year-on-year increase of about Ghs 48 million.
The recorded growth in the bank’s profit was on the account of increased net interest and operating incomes.
Net interest and operating incomes increased from Ghs 549 million to Ghs 623 million and Ghs 748 million to Ghs 834 million in Q3 2020 and Q3 2021 respectively.
The bank’s total assets value for the period under review, increased astronomically by almost Ghs 3 billion.
Fidelity Bank’s total assets value ended Q3 2021 with a value of Ghs 13.1 billion from last year’s Ghs 10.8 billion.
Driving the bank’s assets value was mainly the bank’s investment securities which has to do with the bank’s investment in government short-term debts such as the 91, 182 and 364 days treasury bills and bonds.
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The bank’s investment securities surged from Ghs 5.2 billion to Ghs 8.6 billion in the review period.
With regards to liabilities, the bank witnessed a Ghs 2 billion year-on-year (YoY) increment in its liabilities. Rising from Ghs 9.8 billion in Q3 2020 to Ghs 11.9 billion in Q3 2021, the increment in the bank’s liabilities was mainly attributable to deposits from customers and borrowings made by the bank which increased from Ghs 5.9 billion to Ghs 6.7 billion and Ghs 3.2 billion to Ghs 4.3 billion YoY.
Loan asset quality of the bank weakened slightly as its non-performing loans (NPLs) grew from 6.16 percent in Q3 2020 to 9.52 percent in Q3 2021 indicating loan repayment challenges by debtors.
Fidelity Bank’s Capital Adequacy Ratio (CAR) on the other hand, increased albeit marginally from 18.22 percent in Q3 2020 to 19.80 percent in Q3 2021.
Peruse below details of the bank’s Q3 2021 Financial Statement:
